Business Studies- Market Analysis Homework
“Thorough market analysis is essential for a company like Samsung in order to achieve its market objectives.” Discuss (18marks)
Market analysis - The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past - present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors the business may face.
One reason why market analysis is essential for a company like Samsung to achieve its marketing objectives, is that market analysis acts as a sales booster, as it builds direct relations with consumers - therefore knowing their demands, by Samsung knowing what the customers want and need they are able to optimise their profit, which may be a marketing objective, if quality market analysis were to be taken out by Samsung then specific products could be put on the market, such as their new Smart Tv’s or their Galaxy S3 smartphone, from these products it is clear Samsung take great care in their customer’s needs via creating slightly niche products, helping them to gain the competitive advantage over rival companies such as pioneer, LG, or Apple in the telecommunications industry. In doing so Samsung would build a customer base, and if sales were to increase more intensive research could be carried out as to ascertain more ideas from customers for future products.
Furthermore it is essential that Samsung meet their customer’s demands, this is so that the company can become more efficient, by doing so, waste can be eradicated and inadequacy also. Therefore costs can be lowered within Samsung, increasing the amount of profit that can be made, with the eradication of waste